Midtown South tenant heads east for better value

April 23, 2013 03:30PM

And Partners, a digital design and marketing firm, has jumped ship in favor of a cheaper lease at 121 East 24th Street, Crain’s reported. Previously stationed in pricey Chelsea, where the average asking rent is $61.77 per square foot, And Partners will now occupy a 5,200-square-foot space for $45 per square foot.

“They definitely wanted to stay in the 20s, and this was a really good value,” Adams & Co. broker Jeff Buslick, who represented the tenant in the 10-year deal, told Crain’s. “It was definitely a value play.”

Their former space was at 158 West 27th Street — an office two-thirds the size of the new one.

As previously reported, the Chelsea/Meatpacking area of Midtown South had the lowest availability of office leasing out of Manhattan’s 19 submarkets in the first quarter, according to Cassidy Turley.

James Buslick represented the landlord, Kofler Associates, in the deal.

The building measures 60,000 square feet. [Crain’s]Zachary Kussin